It's Not too Soon to Think About Your End-of-the-Year Deductible

By: Eddie Flores, M.D.


With summer drawing to a close and the first signs of fall starting to set in. The end of the year probably isn’t on your radar. But believe it or not, this is the perfect time to start planning your end-of-the-year medical procedures. That annual deductible you’ve been paying towards all year long will renew in January. Now is the time to get the most out of your healthcare plan.

A deductible is a set amount of money that you’re required to pay each year toward your medical expenses. This is before your insurance policy starts to cover your bills. At the beginning of each year, it starts at zero and all eligible medical expenses go toward your deductible until it has been reached. Once you have met your deductible. Your insurance company will cover the majority of your medical expenses. While you pay a copay or coinsurance.

If your doctor refers you for a colonoscopy or upper endoscopy. This may be the perfect time to schedule your procedure. Enjoying maximum savings on your medical bills. Here’s how you can determine your out-of-pocket expense for your next procedure:

Verify the amount of your deductible:

Deductibles can vary greatly depending on your insurance plan. Check your insurance policy online or call your insurance provider to verify your deductible amount.

Ask how much of it has been met:

An insurance representative can tell you exactly how close you are to meeting your deductible for the year. Remember, only covered services go towards it. So, this may not reflect your total out-of-pocket medical expenses for the year.

Verify coverage for your procedure:

Some insurance plans require a doctor’s referral before covering procedures or visits with a specialist. Make sure all requirements have been met in order to receive maximum coverage for your expenses.

Ask for an estimate:

An insurance representative can take your deductible and coinsurance into account. Providing you with an out-of-pocket estimate for your procedure.

In conclusion, cost is always a concern with medical services. But, your next procedure may be much more affordable than you anticipated. Call your insurance company today to verify your deductible and receive an estimate.